Switch Raises Big Money in Year's Second Biggest Tech IPO

Switch raised about $531.3 million from its initial public offering which was priced at $17 per share, making the data-center operator the second-largest U.S. technology listing this year.

The 31.3 million Class A share offering was priced above the proposed $14 to $16 per share range, giving it a market value of as much as $4.2 billion.

Switch, which was incorporated in June for the purpose of issuing the Class A shares in this offering, intends to use the proceeds to buy out investors in Switch Ltd. and take control of it as a holding company.

Las Vegas-based Switch, whose major customers include Amazon.com, eBay and PayPal, helps enterprises manage data by renting out its cloud service infrastructures on a contractual basis.